French Luxury Brand Balmain has been bought by Qatar-based investment group Mayhoola.
The Qatari Mayhoola investment fund which has been linked to the royal family of Qatar already owns Italian luxury brand Valentino. The terms of the deals were not disclosed but according to an advisor to the acquisition who officially confirmed the purchase to French newspaper Les Echos, the exact number paid for the acquisition is rumored to an estimated $548 million.
'In recent years, Balmain's trajectory has been more than impressive. Under the leadership of Emmanuel Diemoz and creative direction of Olivier Rousteing, the historic house speaks to a new, younger and more savvy consumer, while never forgetting its heritage or the importance of true Parisian craftsmanship,' a Mayhoola representative said in a statement to WWD.
The acquisition will pave the way for expansion of its global retail footprint and accessory range of the Parisian fashion house which falls under the creative guidance of Olivier Rousteing.
Follow Fashion Model Directory on Pinterest, Facebook, Linked In and Twitter!